Reuters reported that CIT asked a federal judge to approve a $75 million settlement proposal with former CIT shareholders in a class-action securities fraud lawsuit over actions preceding the large commercial lender’s 2009 bankruptcy.
Law firm Kleinberg Kaplan said it has added structured finance specialist Howard Mulligan to its corporate department. Mulligan, who joined from McDermott Will & Emery, will advise on structured finance and restructuring matters.
Kramer Levin Naftalis & Frankel announced the election of Mark A. Baghdassarian and Joshua Brody as partners in the firm’s New York office and Dana M. Anagnostou as a partner in the firm’s Paris office.
Paul Hastings announced that it represented GE Capital as administrative agent and joint lead arranger in $65 million first lien credit facility in support of the acquisition by Lightyear Capital of Paradigm Management Services.
Continuing the expansion of its Corporate & Securities Section, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, announced that Gregory Fine has joined the firm as a member, based in Boston.
Stradley Ronon partner Gary Scharmett and the firm were recognized by M&A Advisor in the category, Turnaround of the Year: Turnaround and Restructuring of Classic Brands, at the 6th annual M&A Advisor Turnaround Awards.
In Tronox Inc. v. Anadarko Petroleum Corp., Chapter 11 debtor Tronox Inc. and its affiliates brought an adversary proceeding against Anadarko Petroleum Corp. and certain of its subsidiaries, alleging intentional or constructive fraudulent conveyance under 11 U.S.C. §548 or 11 U.S.C. §544(b). According to the complaint, the debtors undertook a multi-stage “spin-off ” transaction in which valuable oil and gas assets were placed in a new corporate entity and thereby isolated from billions of dollars of environmental and tort liability. Five months later, Anadarko acquired the new corporate entity (and the oil and gas assets) for $18 billion, leaving Tronox allegedly insolvent, undercapitalized and with billions of dollars in liabilities.
Bloomberg reported that Wells Fargo’s Wachovia Capital Markets settled investor claims that it failed to disclose signs of fraud at Le-Nature’s as it arranged a $285 million loan before the drink maker’s bankruptcy.
Chapman and Cutler announced that Felicia B. Graham, Douglas L. Madsen, Michael H. Mitchell, Mark R. Riccardi, Craig Fishman and Rachel G. George, formerly of Orrick, Herrington & Sutcliffe, joined the firm as partners in Chapman’s newly established office in Washington, D.C.
Law firm Paul Hastings announced that it represented Wells Fargo Capital Finance, in connection with a $100 million revolving senior credit facility for Crowley Petroleum Distribution, which sells and distributes petroleum products.